April 21, 2020 Government & Community Affairs, COVID-19
The Massachusetts legislature has passed the COVID-19 Housing Bill into law. Find out what it means for homeowners, landords, and renters.
The impact of COVID-19 was swift and unexpected, leaving many people in a financial emergency. If you are a homeowner who is struggling or unable to meet your loan obligations, work with housing experts and your lender to find a solution, now.
Don’t wait until you fall behind to seek help. Acting quickly may help you keep your home and the money you have already invested into it.
Talking to the lender or “loan servicer” that collects the payments should be one of your first steps. Here are some options to discuss:
Here are some warning signs:
REALTORS® are in the business of helping people become homeowners and want to do everything they can to make sure you can afford to stay in your home.
» If your current lender isn’t willing or able to help, you may be able to refinance your current mortgage with another lender. REALTORS® may be able to help you find responsible lenders that make fair and affordable loans.
» Be wary of advertisements like “Cash for Houses/Any Situation” or “We Buy Houses for Cash.” These may be scams that bait homeowners with the promise of rescuing them from imminent foreclosure. Talk with a REALTOR® if you determine that selling your home is your best option.
The National Association of REALTORS® has up-to-date information for property owners about the federal government’s response to COVID-19. Visit the Coronavirus Resources for Property Owners section of the below link for details about how federal agencies, lenders, and bank regulators are working to help to homeowners protect their investment.
The Housing Assistance Corporation is the U.S. Housing and Urban Development (HUD) approved housing counselor for Cape Cod, Martha's Vineyard, and Nantucket. Reach out to them to learn about the assistance they have available to help homeowners and renters prevent homelessness during this time.